mortgage discrepancy on interest

islasdinner

Hi i am currently in a fixed rate mortgage deal which is due to end in a couple of months, however i have noticed that my mortgage has not went down as quick as expected. went to bank asked for a full print out and seen that the amount of interest they are taking off every month varies from as much as £10-£60 in difference. i have always went for fixed rate deals paying off capital and interest and have never had the interest change like this.after 2 years i have only paid off seven thousand pounds and seven thousand has went in interest . based on other mortgages that i have had this does not seem right. can anyone advise?

ACG

Difficult to answer without seeing figures and terms etc but the payments in interest can fluctuate depending on how many days are in the month for example.

In the early years of a mortgage (assuming it has 20-30 years remaining) the bulk of your payments will be paying the interest.

http://www.amortization-calc.com/
Put the figures in here, its in dollars but just assume its a £sign instead.
Does it tally up with that near enough?

Thrugelmir

islasdinner wrote: »

based on other mortgages that i have had this does not seem right.

Nothing has changed in the way mortgages work.

If you want to pay less interest you'll need to pay the mortgage off quicker.